Technically, the 6-hour chart indicators corrected lower toward midlines in the bullish territory.
Ether Price Analysis
Yesterday, we discussed the significance of the $165.00 resistance area for ETH/USD. The pair traded above the $155.00 resistance, but it failed to test the $165.00 resistance. A high was formed at $161.35 and later the price declined sharply.
ETH/BTC also traded above the 0.0350BTC support. Later, the pair started a downside correction and traded below the 0.0340BTC and 0.0330BTC levels. The next key support is at 0.0320BTC, followed by 0.0300BTC.
Starting with the 6-hour chart of ETH/USD, the pair followed a significant bullish path above the $100.00 and $120.00 levels. The recent move was strong as the price even broke the $150.00 barrier.
However, the price faced strong resistance near the $160.00-165.00 zone and later started a downside correction. It declined below $140.00 and the 23.6 Fibonacci retracement level of the upward move from the $82.12 low to $161.35 high.
Ether is currently trading near the $125.00 and $128.00 support levels, below which there is a strong support zone near $120.00 and a major bullish trendline. More importantly, the 50 Fibonacci retracement level of the upward move is also around the $122.00 level.
Therefore, if the price continues to move down, it is likely to find solid buying interest near the $120.00 level. Moving down to the 2-hour chart of ETH/USD, the pair is testing the $125.00 support and a short-term bullish trendline.
The overall price action is still bullish on the 6-hour chart as long as ETH/USD is above $120.00. To the topside, the first resistance is at $135.00, followed by $140.00.